Call for action: Tax reform is in the works, and MID is on the table

11Jul2013

Posted by Andrew Kantor

There’s a big deal going on in the Senate regarding tax reform.

The Senate Finance Committee has decided that the easiest way to change the tax code is to start with a blank slate — that is, start with no deductions at all, then add in the ones that are most important.

Unfortunately, in the post-Citizens United era, "most important" could easily become "what most big businesses want," rather than "what’s best for the country." Which is why NAR wants to be sure that tax incentives for homeowners — notably the mortgage interest deduction, property tax deduction, and capital gains exclusions — are at the top of the list.

NAR has issued an urgent call for action. Senators Max Baucus (D-MT) and Orrin Hatch (R-UT) asked their 98 colleagues to submit a list of deductions and exceptions by July 26 that they think should be included in the new tax code. Essentially, senators will have to make the case for putting in each and every deduction.

We need to be sure that Realtor and homeowner interests are heard loud and clear.

Please take a minute to let Virginia senators Kaine and Warner — and your representative — know how important these issues are not just to Realtors, but to the housing market and the economy.